Zimbabwe’ s Reserve Bank( RBZ) raises transaction limits amid inflation pressure
HARARE — The Reserve Bank of Zimbabwe (RBZ) has doubled transaction limits for mobile money and electronic transfers to help offset the effects of rising inflation, which has sharply increased the cost of goods and services.
In a statement Friday, the RBZ said the upward review aims to support the public’s access to goods and services in Zimbabwe’s gold-backed digital currency, ZiG, while aligning transaction caps with recent shifts in the official exchange rate.
Mobile money users will now see their daily limit for person-to-person (P2P) transfers raised from ZIG 2,400 to ZIG 4,800, with the monthly limit climbing from ZIG 8,000 to ZIG 16,000. Limits for person-to-business (P2B) payments and ZIPIT transfers have also been raised.
For businesses, electronic funds transfer (EFT) limits for trade payments have increased, with the batch cap rising from ZIG 280,000 to ZIG 560,000 and single transactions up from ZIG 24,000 to ZIG 48,000. Business-to-person (B2P) payments now allow up to ZIG 160,000 per batch, doubled from ZIG 80,000.
Zimbabwe continues to grapple with rising inflation, which, despite the introduction of the ZiG to stabilize currency, has pressured transaction limits for consumers and businesses. The RBZ said it will monitor and adjust limits as needed to maintain economic stability and support a shift to a cash-lite economy.
